I've been reasonably happy with my Fostex VF80 (cost me about £600 but I think it is considerably cheaper now). This is an 8-track hard disc recorder.

I have seen similar devices advertised which do not have a built in hard disc but instead use memory cards. These look very good value for money.

The main advantage of a digital recorder over the cassette based four trackers is that they come with built in effects, most of which are pretty good quality considering the low cost of the machines. You will need some basic reverb at least.

I have been using a Mac based Pro Tools system in the studio recently and intend to upgrade to one of these at home (things are getting serious!) - but actually the Fostex does almost everything you need for basic home recording.

Do be aware that you may need to obtain some Mic preamps though. The preamps in the Fostex are really weak. We ran the signals through the mixing desk from our live gear first (no EQ - so we were just using the desk for the preamps), but there are cheap and chearful preamps out there which would probably be sufficient.

Hope this helps.

All the best
John Robinson
http://www.JulieEllison.co.uk